With Ethereum very possibly going to POS some time this year I decided to start really working in POS coins and seeing what they are all about as well as running my own wallets etc.
By all means this is no guide and just my first days findings after doing some search and setting up a few wallets (which boy take some serious time!)
For those of you who do not know what POS is ill sum it up as short as possible.
POS is Proof of stake where the amount of coins you have in your wallet gives you a weighted system against everyone else on the system with their own wallets on and coins within. The blockchain then rewards those at random (of course the more coins you have the better chance you can be selected and more often allowing you to earn more)
The thing however is you must have your wallet open and synced up in order to mine the block you where selected for. If you don't it times out and moves on to another wallet to be mined which means you just missed out!
The advantages to this is that it costs far less in power and kind of in a way allows everyone to take part in earning the rewards. However it is still heavily weighed on the side of those who hold the most coins.
Since POS requires you to have your wallet open and you also have to keep track of your private keys etc it can be a bit scary. I know for myself this worries me a bit because if you lose your keys and wallet info your coins are gone for good which really sucks (I did it twice so far live and learn i'm sure we have all been there lol)
After searching around some more I ran into a site called BTCpop <- Yes this is my affiliate link if you wish to use it I thank you!
It allows you to put POS coins into their system and then be rewarded your portion from everyone in the system who has staked coins. What it does is helps those with small pools to have a chance at getting more staking rewards.
However a word of caution I never trust any site fully so any coins you want to start staking yourself later on I recommend doing so with your own wallet. Then if it goes belly up the only person to blame is yourself.
Well there you have it just a quick snapshot of what I have been up to today.
My first POS coins are going to be
Reddcoin
Potcoin (Which I didn't know was a pos till now)
2Give (It seems to be the most popular at the moment)
Gridcoin (simply because I really love that project)
Pivx
and...
Stratis
Have you been working in POS yet and if so any suggestions, feedback or tips I would love to hear them thank you!
Come collect bitcoin and soon Dogecoin every few minutes out my new faucet site Bitcoinflood.com
Also don't forget in this post I mentioned BTCpop <- This is my affiliate link if you wish to use it thank you!
What are your thoughts on delegated proof of stake coins (DPOS) such as BTS, STEEM, and EOS? I think DPOS is a more decentralized and fairer consensus mechanism than traditional POS, since your stake dictates your voting power to elect block-producing nodes (miners) to secure the network. Because these nodes are voted in by stakeholders and rewarded by the network, they are highly incentivized to perform honorably and in the best interest of the network. Otherwise they will be voted out by us, the stakeholders.
Here's a great definition of DPOS from the Bitshares (BTS) Network: https://bitshares.org/technology/delegated-proof-of-stake-consensus/
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Like many of these I feel like its a good idea in theory but in practice we can see that a number of the people here that are witnesses here on steemit are providing no real value and getting the largest rewards while others that provide lots of value struggle. This comes down to poor marketing methods for witnesses and I feel like they deserve to have their own page or section on steemit that provides truthful information on each of them so everyday users can understand and vote how they feel. It should almost be a weighted system as well where a revote each month is needed to keep the vote value at 100% otherwise it declines value wise over time.
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You make some good points. I agree that the stale vote is an issue on Steemit. I believe EOS plans to fix that with a decaying vote strength, where you’d have to vote again every month or so to keep your vote relevant. Let it sit and it’s weight decreases.
I was also just reading about IPFS’s proposed gravity protocol consensus algorithm https://medium.com/@gravityprotocol/gravity-ipfs-off-chain-data-storage-ab44aba3faa4. It’s very similar to DPOS but is weighted on both time since last vote and usage frequency of the platform. I like it.
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I have some pivx on stake united pool...
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sweet that coin looks like its doing very well today its up! How are you liking the POS and what type or returns are you seeing if you would like to share
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I have also been thinking about NEO as they also have a GAS token that is paid based on the stake you have in NEO. There are some concerns on how centralized NEO currently is but I think it has to do by their approach of being a compliant platform taking regulation into consideration. Also, as adoption increases the level of centralization should decrease as well. I have heard they have a good App pipeline from multiple developers building on its platform.
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I did not know Reddcoin was PoS, though these DAPPS seem to be just as if not more profitable than any PoS coins, check out POTJ.
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Guys, if you want to have a look and get some information in a good ICO that will start by the end of the month, I can suggest you RAWG.
The ICO site is this one: https://token.rawg.io/.
It's a video game discovery platform that converts your skills into goods and services.
You can earn tokens by playing your favorite games. The site is already working, with more than 50,000 games in the database and new games are getting added every day. This is the site: https://rawg.io/
Quite good looking, don't you think?
Have a look. I hope this information is helpful.
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hello my friend u can give me support on my last post? thanks
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Upvoted good luck Sean! :)
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
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I too will have to buy POS coins just in case
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Very interesting your content, I'm following you now.
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